Regency Hotel sees ‘significant recovery’

The Dublin hotel where David Byrne was shot dead last year has received a net insurance payout of €150,000 as a result of the gangland shooting and its impact on the hotel business.

The insurance payout to the Regency Hotel is confirmed in new accounts for the hotel which show that an additional €350,000 was paid out in legal fees as part of a settlement last October.

The payout was made on October 6 last year. In a sworn statement before the High Court last year, James McGettigan, director of Regency hotel firm, Regan Development Ltd, said that the hotel had suffered immense reputational damage and loss of business in the weeks following the shooting. Earlier this year, the Regency firm emerged from examineship. The examinership was initiated due to other debts which the Regency Hotel was used as collateral. However, in an interview yesterday, Mr McGettigan said the Regency business has bounced back and trade is back to similar levels to 2015.

“We are happy with the performance of the hotel but with the refurbishment work currently undertaken it hopefully will do much better. The first half of 2016 was a difficult period for the hotel, however, the second half saw a significant recovery in our business.”

The new accounts just filed by Regan Developments Ltd with the Companies Office refer only to “an unfortunate incident”, in a note explaining the insurance payout. The accounts show that the company recorded a pre-tax loss of €1.82m in the 12 months to the end of July 2016, due to an exceptional cost of €3m that is not explained in the accounts.

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